Hopes fade of a fast sale for George Calombaris’ collapsed restaurants
Hopes of a quick sale of the 12 venues in George Calombaris’ collapsed hospitality group have not come to fruition.
A meeting yesterday with potential buyers of the venues under MAdE Establishment has not ended with a result, leaving 400 staff in limbo as administrators try to find new owners for the venues.
Up to 15 parties were interested in the leases and other assets such as fittings and furniture, according to KordaMentha administrators Craig Shepard and Leanne Chesser.
And while negotiations over the weekend have not produced a result as yet, KordaMentha are expected to move the sales process along as the five day rent free period is set to expire and the business is without funds, so cannot accrue more debt.
The Commonwealth Bank is among the creditors and owed between $5 million and $10 million, according to reports. The Australian Taxation Office is also said to be a creditor.
Any deals are now expected to be announced by the creditors meeting on Thursday.
Sheridan Randall, 18th February 2020
